Heart Of Midlothian Is Now Debt Free; Posts $773,700 Profit In Annual Accounts

Scottish Premiership Side Heart of Midlothian is "now debt free" and made a profit of £623,000 ($773,700) for the year ending June '16 after releasing its annual accounts, according to the Scotland DAILY RECORD. The results follow a third-place finish in its "maiden campaign" back in the Premiership, with a "marked difference in the numbers" from posting a loss of £888,000 in the '14-15 accounts. Turnover was up by £2.9M ($3.6M) to £9.9M ($12.3M), with "major factors including the increase in gate receipts" -- up from £4.1M to £4.3M ($5.3M), commercial income up from £1.3M to £2M ($2.5M) -- and prize money from £984,000 to £2M ($2.5M). Hearts’ net debt of £1.6M ($2M) has "also been wiped out and the club now boast a positive balance" of £2.6M ($3.3M). This was "largely due" to more than £4M ($5M) worth of non-repayable loans from fans’ group the Foundation of Hearts in the previous two years being reclassified as reserves rather than liability in the latest accounts (DAILY RECORD, 11/17).